VINCI highways acquires nine toll concessions in india in $1.8bn infrastructure play

VINCI Highways has agreed to acquire a portfolio of nine toll road concessions in Andhra Pradesh and Gujarat from Macquarie Asset Management. The enterprise value is approximately INR 150 billion ($1.8bn), marking a significant expansion in India’s mature road infrastructure market.

VINCI Highways, a subsidiary of VINCI Concessions, has entered into an agreement to acquire the Safeway Concessions portfolio from Macquarie Asia Infrastructure Fund 2, managed by Macquarie Asset Management. The portfolio comprises nine toll highway concessions spanning nearly 700 kilometers across Andhra Pradesh and Gujarat, operating under toll-operate-transfer (TOT) contracts with the National Highway Authority of India (NHAI) until maturities ranging from 2048 to 2058.

The acquisition, valued at an enterprise value of approximately INR 150 billion (around 15x Ebitda), targets highways located on critical national corridors, including the NH-16 within the Golden Quadrilateral and routes in Gujarat’s industrialized region. The transaction is pending approval from Indian authorities, with financial closing anticipated by the end of 2026. This development signals a strategic consolidation in India’s infrastructure sector, where long-term TOT assets offer stable cash flows backed by public-private partnerships.

For VINCI, it deepens existing operational expertise through its Hyderabad-based subsidiary ViaPlus, a provider of tolling technology. The acquisition provides the French infrastructure giant with a platform to implement operational efficiencies and digital tolling solutions as India transitions to a free-flow system, potentially setting a benchmark for foreign investment in regulated transport assets. VINCI Concessions is a global developer of infrastructure projects, managing over 4,000 km of roads and highways worldwide. The NHAI is India’s central authority responsible for the development and maintenance of the national highway network.